Monday, January 3, 2011

Malawi / IMF Executive Board Completes First Review Under the Extended Credit Facility

Malawi / IMF Executive Board Completes First Review Under the Extended Credit Facility and Request for Modification of Performance Criteria, and Waiver of Nonobservance of the Performance Criterion for Malawi

LILONGWE, Malawi, December 23, 2010/African Press Organization (APO)/ — The Executive Board of the International Monetary Fund (IMF) has completed the first review of Malawi’s economic performance under the Extended Credit Facility (ECF) arrangement. The Executive Board also approved the modification of performance criteria, and waiver of nonobservance of the performance criterion. Completion of the first review enables Malawi to draw an amount equivalent to SDR 6.94 million (about US$10.7 million) immediately, bringing total disbursements under the arrangement to an amount equivalent to SDR 13.88 million (about US$21.4 million).

On February 19, 2010, the Executive Board approved the three-year ECF arrangement for Malawi (see Press Release No. 10/52) in the amount of SDR 52.05 million (about US$79.4 million, or 75 percent of Malawi’s quota in the Fund).

SOURCE: International Monetary Fund (IMF)